China National Petroleum Corporation (CNPC) completed its first RMB 10 billion public issue of exchangeable corporate bonds in the domestic market on July 17, 2017. King & Wood Mallesons advised the issuer for the bond issuance, and has been involved in the deal throughout the process.Its two partners, GAO Yimin and HAN Jie, were designated to lead the legal advisors team. 

The CNPC is one of China’s leading state-owned enterprises and a major oil and gas producer and supplier in the country. It is also one of the Fortune 500 companies. The deal marks the largest convertible bond issuance in China’s securities market. The value of bonds offered offline and online was RMB 7 billion and RMB 3 billion, respectively. The coupon rate is fixed at 1.00%, the lower limit of the price range established based on queries.